| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.6% | 4.7% | 8.4% |
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Oct 12 2025 | 2025 Q3 | AMD, EQIX, ICE, INTU, META, VMC | AI, Cloud, growth, healthcare, innovation |
ICE INTU VMC AMD EQIX |
Macquarie highlights AIs sustained impact on cloud spending and software margins while rotating into select healthcare innovators as defensive growth. Management expects broadening leadership beyond… |
| Jul 22 2025 | 2025 Q2 | AVGO, LLY, MC FP, UNH, WCN | earnings durability, growth, innovation, Pricing Power, scalability | - | The letter centers on large-cap growth driven by structural earnings expansion and innovation. Management argues that temporary macro headwinds have not impaired long-term growth trajectories… |
| Mar 31 2025 | 2025 Q1 | EA, ICE, IDXX, V | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
AIAI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
CloudSnowflake was added as the leading player in cloud data storage, providing comprehensive data warehousing services for large businesses. The company's cloud-native platform helps companies store, analyze and share data across organizations, crucial for AI infrastructure upgrades. |
Data Storage Infrastructure Platform Enterprise | |
HealthcareFund focuses exclusively on healthcare sector with concentrated portfolio of small-cap companies. Investment approach targets special situations within healthcare including spin-offs, asset sales, business model pivots, and new product launches. Portfolio includes pharmaceutical, medical device, biotechnology, and healthcare IT companies. |
Pharmaceuticals Medical Devices Biotechnology Healthcare IT Special Situations | |
| 2025 Q2 |
Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 12, 2025 | Fund Letters | Bradley Klapmeyer | ICE | Intercontinental Exchange, Inc. | Financials | Financial Exchanges & Data | Bull | NYSE | Data, Derivatives, Exchanges, Mortgage-tech, operating leverage, Pricing power, Volumes | Login |
| Oct 12, 2025 | Fund Letters | Bradley Klapmeyer | INTU | Intuit Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Diy-tax, FCF, Margins, Mid-market, Software, switching costs | Login |
| Oct 12, 2025 | Fund Letters | Bradley Klapmeyer | VMC | Vulcan Materials Company | Materials | Construction Materials | Bull | NYSE | aggregates, backlog, infrastructure, Margins, oligopoly, Pricing power, resilience | Login |
| Oct 12, 2025 | Fund Letters | Bradley Klapmeyer | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | accelerators, AI, data center, inference, market share, Roadmap, Training | Login |
| Oct 12, 2025 | Fund Letters | Bradley Klapmeyer | EQIX | Equinix, Inc. | Real Estate | Data Center REITs | Bear | NYSE | AFFO, CapEx, data centers, Interconnection, Pricing, Supply, Utilization | Login |
| TICKER | COMMENTARY |
|---|---|
| AMD | AMD was mentioned as an example of businesses that already make money, have shown they can do so through cycles and are priced so that we do not need everything to go right. |
| EQIX | Data center operator Equinix should benefit from the growing importance of sharing data across clouds, but the returns on a large capital spending project will delay revenue growth acceleration until 2027. We view the company as a later stage AI beneficiary, especially if all the current spending begins to produce a positive return on investment. |
| ICE | Intercontinental Exchange (ICE) is a long-term holding and remains a top 10 position in the Fund. ICE's share price has been under pressure, largely due to AI-related concerns. The share price has already recovered 15% from recent lows. |
| INTU | ServiceNow (NOW) and Intuit (INTU) exemplify this dynamic, advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. Intuit is deploying intelligent agents and conversational tools like 'Ask Anything' to simplify complex financial tasks across QuickBooks and TurboTax. |
| META | Meta was cited as a larger position that contributed little despite what I thought was positive operating progress, representing opportunity cost in the portfolio. |
| VMC | The Vulcan Materials and Philip Morrises of the world are fine examples of modestly profitable businesses that can turn out to be wonderful investments if those profits are protected for decades. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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